Download BUS-201 Principles of Economics I - Course Syllabi

Syllabus for
BUS 201—Principles of Economics I
(Macroeconomics)
3 Credit Hours
Fall 2013
I.
COURSE DESCRIPTION
An overview of basic economic concepts and institutions. Modern national income formation theory;
economic fluctuations, money, banking, monetary and fiscal policy; economic stabilization theory
and policy; the public sector, aggregate demand, aggregate supply, Classical theory, Keynesian
theory, monetary theory; theory of economic growth and development; and comparative economic
systems.
Course Prerequisites: None
II.
COURSE GOALS
A.
Students will gain an understanding of the way our individualistic and complex economic
system works and will develop an orderly, systematic way of analyzing economic problems.
Students will gain the ability to use simple analytical economic models, principles, and
concepts to analyze a variety of macroeconomic problems. Current economic events will be
discussed to stimulate interest in economics and to increase analytical abilities.
B.
In line with the purpose of this University, this course seeks to do the following:
1.
Contribute to the education of the whole person.
2.
Encourage each student to place faith in Jesus Christ at the center of his or her life.
3.
Encourage the synthesis and integration of the common bond of knowledge provided by
the university into a unified whole.
4.
Sharpen the communication, computation, and critical analysis skills of each student.
5.
Develop appreciation for differing cultures.
6.
Increase the student's recognition of God's order, diversity, and creativity and their
consequences in the social and historical sciences.
7.
Demonstrate that knowledge and experiences are related, not separated.
8.
Reveal God's purpose and glory as evident in this course of study.
9.
Assist the student's development of basic skills, acquiring of basic knowledge and
formulation of a world vision.
10. Advocate the examination of this field of knowledge in the context of its influence upon
and its being influenced by others.
11. Encourage a lifestyle of personal fitness and physical well-being.
C.
In line with the purpose of the undergraduate business program, this course is designed to
prepare a student for an active role in the general area of general business. Material covered in
this course provides a broad understanding of macroeconomics useful to students majoring in
business administration, accounting, finance, international business, management, marketing,
or related majors. This course in macroeconomics is part of a program to develop an
integrated person—spiritually alive, intellectually alert, and physically disciplined.
D.
In line with the departmental objectives, this course seeks to prepare the student in the
Last Revision: 7/22/2013
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following areas:
1.
Critical thinking (skills in reasoning, objectivity, analysis, interpretation, research, or
decision making relevant to the discipline)
2.
Broad comprehensive foundational knowledge for the professional standards of the
intended major
3.
Broad interpretation of the dynamics of business within the social and professional
context
4.
Internalization of Christian business ethics and professionalism
E.
III.
Affective Goals
1.
The student will gain an understanding of the nature of economic theory.
2.
The student will be aware of current economics.
STUDENT LEARNING OUTCOMES FOR THIS COURSE
A.
Terminal Objectives
After successfully participating in class discussions, listening to class lectures, and
participating in class projects, the student will be able to solve, to differentiate, and to analyze
economic conceptual models, problems, and statements with an accuracy level of 70% or
above in the following major areas: Economic Foundations; National Income, Employment,
and Fiscal Policy; Money, Banking, and Monetary Policy; and Problems and Controversies in
Macroeconomics.
B.
Performance Objectives
A student upon successfully completing the first semester of Principles of Economics 201 will
be able to do the following as they are related to objective examinations.
1.
Explain the term "equilibrium."
2.
Define economics as an empirical science.
3.
Explain the purpose of economic theory.
4.
Contrast economic analysis and economic policy.
5.
Define modern synthesis and stabilization policy.
6.
Define economics as a social science.
7.
Explain the use of simplified economic models.
8.
Compare economic analysis and public policy.
9.
List major problems in setting up national goals and priorities.
10. Contrast how a private-enterprise system solves the basic economic problems as related
to the interpretation of law.
11. Solve a national income accounting problem and compute a price index.
12. Compute the GDP multiplier.
13. Identify and explain the consumption function.
14. Identify and explain the saving function as related to economic growth.
15. Define money.
16. Contrast the functions of money.
17. Contrast the various business cycle theories.
18. Understand the Classical, Neoclassical, Keynesian, Newkeynesian, and Monetary
schools of economic thought..
19. Define inflation.
20. Explain the danger of fiscal bankruptcy and economic collapse.
21. Understand how check are cleared.
22. List and compare the functions of the Federal Reserve System.
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23.
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45.
46.
IV.
Explain open-market operations.
Define the theory and functions of monetary policy.
Contrast the basic elements of fiscal policy.
Contrast expenditure versus tax change impacts on the economy.
Compare manpower policies, structural unemployment, and inflation.
Define economic growth.
Contrast the basic elements of economic growth.
Solve a diminishing returns problem.
Identify and compare capital goods and capital accumulation.
List and explain the benefits and disadvantages of growth.
Evaluate a policy for economic development.
Evaluate the channels of American aid.
Describe the major automatic fiscal stabilizers.
Describe psychological deterrents to private investment.
Analyze varied economic scenarios using aggregate supply and aggregate demand
concepts.
Use demand and supply to analyze the cost of loanable funds.
Compare and evaluate accounting and economic costs.
Identify fixed and variable costs.
Explain limits to credit creation by an individual bank.
Solve marginal analysis problems.
Explain "short-run" and "long-run" views of costs.
Compare global perspectives as related to agricultural subsidies, competition from
foreign multinational corporations, and economic growth.
Explain globalization of financial markets and how it relates to macroeconomic
theory.
TEXTBOOKS AND OTHER LEARNING RESOURCES
Required Materials
Textbooks
Arnold, Roger A. Economics. (10th Ed.). Mason, OH: Southwestern Cengage Learning, 2011.
(Required), ISBN: 9781111822880.
Wheelan, Charles. Naked Economics: Undressing the Dismal Science. New York, NY: W.W.
Norton and Company Inc., 2002, ISBN: 0-393-32486-9.
CPS Pulse Clicker. Bar Code: 9781881483816 (required)
CPS One Term Registration Code. Bar Code: 9781881483045 (required, lifetime registration code
recommended for business majors)
V.
POLICIES AND PROCEDURES
A.
University Policies and Procedures
1.
Attendance at each class or laboratory is mandatory at Oral Roberts University.
Excessive absences can reduce a student’s grade or deny credit for the course.
2.
Students taking a late exam because of an unauthorized absence are charged a late
exam fee.
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3.
4.
B.
Students and faculty at Oral Roberts University must adhere to all laws addressing
the ethical use of others’ materials, whether it is in the form of print, electronic,
video, multimedia or computer software. Plagiarism and other forms of cheating
involve both lying and stealing and are violations of ORU’s Honor Code: “I will not
cheat or plagiarize; I will do my own academic work and will not inappropriately
collaborate with other students on assignments.” Plagiarism is usually defined as
copying someone else’s ideas, words, or sentence structure and submitting them as
one’s own. Other forms of academic dishonesty include (but are not limited to) the
following:
a.
Submitting another’s work as one’s own or colluding with someone else
and submitting that work as though it were his or hers;
b.
Failing to meet group assignment or project requirements while claiming to
have done so;
c.
Failing to cite sources used in a paper;
d.
Creating results for experiments, observations, interviews, or projects that
were not done;
e.
Receiving or giving unauthorized help on assignments.
By submitting an assignment in any form, the student gives permission for the
assignment to be checked for plagiarism, either by submitting the work for
electronic verification or by other means. Penalties for any of the above infractions
may result in disciplinary action including failing the assignment or failing the
course or expulsion from the University, as determined by department and
University guidelines.
Final exams cannot be given before their scheduled times. Students need to check
the final exam schedule before planning return flights or other events at the end of
the semester.
a.
Students are to be in compliance with University, school, and departmental
policies regarding Whole Person Assessment requirements. Students
should consult the WPA handbooks for requirements regarding general
education and the students’ majors.
b.
The penalty for not submitting electronically or for incorrectly submitting
an artifact is a zero for that assignment.
c.
By submitting an assignment, the student gives permission for the
assignment to be assessed electronically.
Course Policies and Procedures
Evaluation Procedures
1.
There will be three hourly examinations, a final examination, quizzes and homework.
The relative worth of these areas is designated below.
First Examination
100 points
Second Examination
100 points
Third Examination
100 points
Quizzes and Homework
100 points
Final Examination
100 points
Total
500 points
2.
Grading
90% of total points
A
80% of total points
B
70% of total points
C
60% of total points
D
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3.
4.
5.
6.
7.
Below 60%
F
Ten bonus points will be given for perfect attendance. Five penalty points will be
deducted for each unexcused absence in excess of three. Unannounced bonus quizzes
will be given in class from time to time.
Any examination not taken at the scheduled time due to an excused absence must be
made up at a time arranged with or by the instructor. Generally, tests missed for an
unexcused absence cannot be made up. If a test absence is allowed to be made up, the
University's $15 late-test fee must be paid in advance.
Students taking a late exam because of an unauthorized absence will be charged a late
exam fee.
Whole Person Assessment Requirements – None
Other Information
a.
Academic Dishonesty: Each student is responsible for submitting his/her own
work or work completed by his/her team as defined by the assignment.
Development of solid Christian values requires that any violations not be
tolerated.
b.
Office hours are drop in and by appointment.
c.
Professor’s name: Dr. James R. Russell
Office: Graduate Center 3F02
Telephone: 495-6551 (campus) or 493-6170 (home)
E-Mail: [email protected]
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VI.
COURSE CALENDAR
Topic
Week #
01
02
03
04
05
Chapter(s)
What Economics is About?
A1
The Power of Markets
W1
Production Possibilities Frontier Framework
A2
Incentives Matter
W2
Supply and Demand: Theory
A3
Government and the Economy
W3
Prices: Free, Controlled, and Relative
A4
Supply and Demand: Applications
A5
Government and the Economy II
W4
Macroeconomic Measurements, Part 1: Prices &
Unemployment
A6
W5
Economics of Information
06
07
08
09
Exam 1
A1-6
Macroeconomic Measurements, Part 2: GDP & Real GDP
A7
Productivity and Human Capital
W6
Aggregate Demand and Aggregate Supply
A8
Financial Markets
W7
Classical Macroeconomics and the Self-Regulating Economy
A9
The Power of Organized Interests
W8
Keynesian Macroeconomics and Economic Instability: A
Critique of the Self-Regulating Economy
A10
W9
Keeping Score
Fall Break
10
11
12
13
14
Fiscal Policy and The Federal Budget
A11
The Federal Reserve
W10
Exam 2
A7-11
Money, Banking and the Financial System
A12
International Economics
W11
The Federal Reserve System
A13
Trade and Globalization
W12
Money and the Economy
A14
Development Economics
W13
Monetary Policy
A15
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Exam III
A12-15
Epilogue
WEpilogue
15
Expectations Theory and the Economy
A16
16
Economic Growth: Resources, Tech, Ideas & Institutions
A17
The Financial Crisis of 2007-2009
A18
17
Final Exam
A1-18
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Course Inventory for ORU’s Student Learning Outcomes
Principles of Economics I (Macroeconomics) BUS 201
Fall 2013
This course contributes to the ORU student learning outcomes as indicated below:
Significant Contribution – Addresses the outcome directly and includes targeted assessment.
Moderate Contribution – Address the outcome directly or indirectly and includes some assessment.
Minimal Contribution – Address the outcome indirectly and includes little or no assessment.
No Contribution – Does not address the outcome.
The student Learning glossary at http://ir.oru.edu/doc/glossary.pdf defines each outcome and each of the
proficiencies/capacities.
OUTCOMES and Proficiencies/Capacities
1
1A
1B
1C
1D
2
2A
2B
2C
2D
2E
2F
3
3A
3B
3C
4
4A
4B
4C
4D
4E
Significant
Contribution
Moderate
Contribution
Outcome #1 – SPIRITUALLY ALIVE
Proficiencies/Capacities
Biblical knowledge
Sensitivity to the Holy Spirit
Evangelistic capability
Ethical behavior
Outcome #2 – INTELLECTUALLY ALERT
Proficiencies/Capacities
Critical thinking
Analytical problem solving
Global and historical perspectives
Aesthetic appreciation
Intellectual creativity
Information literacy
Minimal
Contribution
No
Contribution
X
X
X
X
X
X
X
X
X
X
Outcome #3 – PHYSICALLY DISCIPLINED
Proficiencies/Capacities
Healthy lifestyle
Physically active lifestyle
Properly balanced nutrition plan
Outcome #4 –SOCIALLY ADEPT
Proficiencies/Capacities
Communication skills
Interpersonal skills
Appreciation of cultural and linguistic differences
Responsible citizenship
Leadership capacity
X
X
X
X
X
X
X
X
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© Copyright Oral Roberts University 2013. All rights reserved.
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© Copyright Oral Roberts University 2013. All rights reserved.